Nintendo reported its first ever annual loss today at $530 million for the 2011 fiscal year that ended March 31.

The company says the deficit is due to the once struggling 3DS handheld which they are currently selling at a loss. However, Nintendo says they expect the 3DS to be selling for a profit later this year.

“While [Nintendo] did post a loss for the recently completed fiscal year, the continuing momentum of the Nintendo 3DS and the global introduction of the highly-anticipated Wii U home console will drive the company back into profitability in the current year,” Nintendo said in a statement.

The company projected a net profit of $245 million for the coming year.

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